RATE Group | Bitcoin is set to take off from $7,200
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Bitcoin is set to take off from $7,200

24 Dec Bitcoin is set to take off from $7,200

Posted at 13:51h in Bitcoin News by

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  • Bitcoin retreated from the recent high and came close to a strong support area.
  • $7,200 may serve as a jumping-off ground for another recovery attempt.

Bitcoin (BTC) is changing hands at $7,300. The first digital coin has lost nearly 3.5% of its value in recent 24 hours and stayed unchanged since the beginning of the day. Despite the pre-Christmas period, Bitcoin’s trading volumes increased to $27 billion on December 23, however, the activity is likely to recede later during the day. Bitcoin’s market dominance is registered at 68.9%. 

BTC/USD: technical picture

From the long-term point of view, Bitcoin ailed to settle above SMA50 (Simple Moving Average) weekly (currently at $7,535) and retreated towards the next crucial support created by SMA100 weekly at $7,220. This area is reinforced by 61.8% Fibo retracement, so that’s where the upside may be resumed. 

According to a cryptocurrency trader Crypto Michaël @CryptoMichNL, we will see a retreat towards…

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